Saudi Arabia increased oil supplies to the European Union in September to up to 950,000 barrels per day, double the amount for the same period in 2021, the country's Energy Minister Abdulaziz bin Salman said on Tuesday
DOHA (Pakistan Point News / Sputnik - 25th October, 2022) Saudi Arabia increased oil supplies to the European Union in September to up to 950,000 barrels per day, double the amount for the same period in 2021, the country's Energy Minister Abdulaziz bin Salman said on Tuesday.
Saudi Arabia is in contact with a number of European governments, including Germany, Poland, the Czech Republic and Romania, regarding the current energy crisis, and will export oil to everyone who needs it, the minister said at the sixth summit of the Future Investment Initiative (FII) in Riyadh.
Commenting on the OPEC+ decision to reduce oil production from November by two million barrels per day, the minister said that it was important to "prepare for the worst in advance" and plan ahead for a potential strong economic downturn.
The OPEC+ move was made in response to uncertainty in global oil market outlooks, in part caused by Western sanctions on Russian energy deliveries and the G7's plans to introduce a price cap on Russian crude.
